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Take-Two Interactive Software fiscal Q1 loss narrows YOY

Take-Two Interactive Software Inc. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 32 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 26 cents per share.

The per-share loss decreased 26.2% year over year from 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $25.6 million, compared with a loss of $38.0 million in the year-earlier period.

The normalized profit margin rose to negative 20.4% from negative 26.6% in the year-earlier period.

Total revenue decreased 12.1% year over year to $125.4 million from $142.7 million, and total operating expenses fell 17.5% year over year to $158.6 million from $192.2 million.

Reported net income came to a loss of $35.4 million, or a loss of 45 cents per share, compared with a loss of $61.9 million, or a loss of 71 cents per share, in the prior-year period.